President Obama told business leaders that in order to ensure that the United States solves its economic problems, tax laws in the country will have to be reformed. In making a comparison with debt-stricken Greece, Obama said that the country was far from such a position, and all it required a balanced approach to dealing with revenue in order to solve the country’s problems.
Speaking at the Business Roundtable, an association of CEOs from top corporations in the United States, Obama said, “The economy is getting stronger and the recovery is speeding up. The question now is how do we make sure it keeps going.”
In regards to these tax law changes, the President said that these were “modest adjustments” which would not only stabilize the economy but also boost the confidence of businessmen to invest further thus leading to a better future for the country. He also acknowledged that the business community would be an important voice in making these changes.
Both Obama and Romney have suggested corporate tax cuts but since this is election year, it seems unlikely that either side is going to accept one another’s proposals. However, Obama’s plan to eliminate loopholes and subsidies were probably the reason why the former chairman of the Roundtable accused Obama of creating an environment hostile to job creation for businesses.
Some of the companies that were at the Roundtable at which Obama spoke were JP Morgan Chase, Boeing, Xerox Corp and Bank of America. Obama also discussed his administration’s plans and efforts to kickstart manufacturing using the success of the U.S auto industry as an example.